Who can you trust? | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Can you trust an EA? 3 replies

Which regulators do you trust? 2 replies

Who/WHAT do you trust? 31 replies

Who/What do you trust part 2 8 replies

Who can you trust?

  • #21
  • Jun 6, 2011 8:56am Jun 6, 2011 8:56am
Quoting DemoForever
So along comes a new trader with £1000 pounds in his account.He thinks to himself to follow the path of trader No1 i will have to spend fifty hours a week following the market for 1% profit?Thats £500 a year,not too appealing.
What about trader No2?He said i only need 1 or 2 hours a day looking at my charts for a weekly profit of at least 500 pips.He works out that 500 pips equates to 10% a week,500% a year.His account would grow to £6000 in year one,compounded over ten years he would be home and dry feet up drinking cocktails through a straw.No...
you forgot that compounding already takes place at the weekly level. 10% a week compounded up to a year is around 14,200%. Unreasonable assumption.
  • #22
  • Jun 6, 2011 9:52am Jun 6, 2011 9:52am
this raises the qn of whether the trader has found their own trading style and if this style will get them their goal.

personally i think the winning formula is combining both of these

recently i turned my nose up at taking 1:1 when the market was offering it, similarly I ignored exit signals "b/cuz 30 pips was not enough"

how wrong was I!
  • #23
  • Jun 6, 2011 10:02am Jun 6, 2011 10:02am
Not many people learning how to trade have really thought about the right process of The Learning. Not many people teaching others how to trade have really thought about the right process of The Teaching.

Include a few snake oil salesman and you have a maze leading to many a dead end.

The usual route for most of the successful traders here on FF has been one of experimentation leading to experience (it seems), and this process has not been without thought and logic which sets them apart from those have been around but keep banging their heads against the brick wall.

So in short, it's a difficult process for anyone learning to succeed in this business as there are very few traders who can teach and fewer students who will know how to learn and apply their knowledge and evolve. Most students will go into trading expecting it all to be handed to them on a plate without wanting to think and use logic both in the learning process and the trading itself.
  • #24
  • Jun 6, 2011 10:03am Jun 6, 2011 10:03am
Study the course on babypips, that’s all the technical analysis you need since most of it is worthless you just need to know enough to realize that.
Then start watching the charts in realtime. As much as you can stand, pay attention to where prices bounce and how it flows start drawing support and resistance lines and see if it holds and when it fails see if it retests. Forget what you think price is doing at place your demo trades orders based on what price is actually doing. Example if price is pulling back on the daily chart don't take long trades on the 5 or 15 because you think it is going up its not its still going down so look for short entries. Where you normally buy the pro's are selling. Read Trading in the Zone by Mark Douglas when you are done read it again. Follow the “learning to trade an edge like a casino”till you find your own edge or one that works for you. Keep your charts clean. Put nothing on them that takes your eyes off Price action. IE stoc macrap nothing goes under your chart The only exception is ATR cause you need to know how much price is moving on average. Brian Shannons book will help you gain an edge. Checks out “50pips “ on twitter and watch his free Sunday webinar. Just one traders openion. Sorry if it sounds harsh, TraderBary
  • #25
  • Jun 6, 2011 10:14am Jun 6, 2011 10:14am
Quoting Porkpie
Not many people learning how to trade have really thought about the right process of The Learning. Not many people teaching others how to trade have really thought about the right process of The Teaching.

Include a few snake oil salesman and you have a maze leading to many a dead end.

The usual route for most of the successful traders here on FF has been one of experimentation leading to experience, and this process has not been without thought and logic.

So in short, it's a difficult process for anyone learning to succeed in this business...
Hello , good to meet you,...have a great week..!

sorry 'bout my siggy, i tend to forget my RR at times, so i keep my basics
up front..
All systems of divination, like music itself,work through patterns.
  • #26
  • Jun 6, 2011 12:42pm Jun 6, 2011 12:42pm
Quoting Porkpie
Not many people learning how to trade have really thought about the right process of The Learning. Not many people teaching others how to trade have really thought about the right process of The Teaching.

Include a few snake oil salesman and you have a maze leading to many a dead end.

The usual route for most of the successful traders here on FF has been one of experimentation leading to experience (it seems), and this process has not been without thought and logic which sets them apart from those have been around but keep banging their heads...
That is the point i am trying to make.Many of the people trying to teach something about trading to others are still learning from somebody else who are still teaching them(if that makes any sense?).When the uninformed trader gets the information it could have been diluted down,rules messed with,curve fitted,or whatever.

That is why like you said many people(including me)end up banging their head against a brick wall.Why would anybody who has found a true edge in the market from hundreds of hours researching the viability of that edge,give it up to you,me or anybody on a forum?

So i just think people will just teach us what they want us to know about edges that they dont really trade,or cant(for whatever reason).This further muddies the waters,because how can you teach people a trading concept you dont actually trade yourself?
  • #27
  • Jun 6, 2011 12:48pm Jun 6, 2011 12:48pm
belive me there is no system as such....only two things rules this market

Fundamentals=news

Technicals=S/R and key numbers(levels).
Trade responsiblypatience is the key/Swing trader
  • #28
  • Jun 6, 2011 12:55pm Jun 6, 2011 12:55pm
Quoting Incrediblle
belive me there is no system as such....only two things rules this market

Fundamentals=news

Technicals=S/R and key numbers(levels).
Dont go forgetting your mindset...oops shit down the plug hole again.. what woz that about funnies and techies?
All systems of divination, like music itself,work through patterns.
  • #29
  • Jun 6, 2011 1:15pm Jun 6, 2011 1:15pm
Quoting Incrediblle
belive me there is no system as such....only two things rules this market

Fundamentals=news

Technicals=S/R and key numbers(levels).

Is your statement about systems what you absolutely know,or is it what you believe to be true?There are a lot of systems published on this very site,do you know that none of them work?
  • #30
  • Jun 6, 2011 1:28pm Jun 6, 2011 1:28pm
Quoting DemoForever
Is your statement about systems what you absolutely know,or is it what you believe to be true?There are a lot of systems published on this very site,do you know that none of them work?
I believe what he was trying to say is that most systems will eventually fail, but trading according to fundamentals and S/R levels is a "system" that will outlive most of the others.
  • #31
  • Jun 6, 2011 2:41pm Jun 6, 2011 2:41pm
Quoting Custos
I believe what he was trying to say is that most systems will eventually fail, but trading according to fundamentals and S
/R levels is a "system" that will outlive most of the others.
I need to clarify something about the above statement.When you say "most systems will eventually fail"do you mean that most never worked in the first place,or that most worked and failed over time?What i do know is that there are several famous trading systems that have been well publicised that over time do not work as well as they used too due to so many traders trading them.I hear lots of claims that "that system doesnt work anymore" when quite clearly it does but not as well as before.

My point is, if you trust the person who says "that system doesn't work anymore" you might be closing your mind to an opportunity to learn something worthwhile.
  • #32
  • Jun 6, 2011 2:43pm Jun 6, 2011 2:43pm
Quoting DemoForever
I need to clarify something about the above statement.When you say "most systems will eventually fail"do you mean that most never worked in the first place,or that most worked and failed over time?What i do know is that there are several famous trading systems that have been well publicised that over time do not work as well as they used too due to so many traders trading them.I hear lots of claims that "that system doesnt work anymore" when quite clearly it does but not as well as before.

My point is, if you trust the person who says "that...
I don't trust anybody saying anything. If one makes a claim, I try to backtest his claim. But most systems just have a very short-lived edge. Some work for a year or two and then just give random entries.
  • #33
  • Jun 6, 2011 2:44pm Jun 6, 2011 2:44pm
Quoting privatefr
at your stage you cant trust no one, not even the charts, because only experience will show you the charts never lie.

Regarding the members with 1000v, deserve no more trust than book writers, and charlatan (most) analysts.

The only true is the reality.

Here in the forums 20 years kids, with demo accounts, are super star traders, teaching all how good they are, and how you can win millions (but they cant).

Most books are a piece of sheet (just paper) and dont worth the trees killed to print them, even if these trees are from reforestation.

And...
+1.
  • #34
  • Edited Jun 7, 2011 12:11am Jun 6, 2011 2:56pm | Edited Jun 7, 2011 12:11am
I trust this trader,- Daniel Fernandez.
  • #35
  • Edited 4:15pm Jun 6, 2011 3:15pm | Edited 4:15pm
who can i trust?

bottom line, nobody.

book sellers? not for the most part. how many people have i ever talked with and they were talking about writing a book cuz they could make a ton of money writing a book? quite a few. how many people have ever told me about how they are wanting to write a book, just cuz they want to spread some useful information to mankind? i have never heard that one.

the cold and raw nature of man is that s/he is a thief and a liar.

i believe this with all of my soul.

the primary thing that motivates men is hunger, when they run out of food... the you know what hits the fan.

men do not sell trading systems when they believe that their system is going to be profitable over the long run.

nobody sells a golden goose. they might sell a few of her eggs, but touch the goose and you will lose your hands.

i like to answer questions in a sortof abstract mannner, cuz that is how things are, things in this world are not cut and dried and black and white.

my opinion of most trading forum rats is that they are waiting for someone to walk by with a golden goose on a leash and then they want to steal the goose. they sit around and buy one trading bot after another from some junior high school kid and then they sit around and chit chat in the forums about how they got ripped off.

this game of extracting money from banks dont come cheap and it aint a lazy man's game.

i have been on this project for seven years.

crunching numbers is all that i have done for seven years.

i am now finished with the development stage.

my work is all original.

my work is based on two physics theories and a fairly strange math quirk.

i do not use any off the shelf indicators, i would rather carve my brains from my skull with a rusty spoon, every piece of code that i have ever written in my entire life is all original, all memorex.

my little trading account has every penny that i have to my name in it.

i had to scratch for change to buy this cup of mcdonalds coffee that i am drinking right now.

you fine folks enjoy your books and your leased bots.

balance: 823
PL: -8
margin: 92

i like to focus on big things. my trading work must be solid enough to, you know, be all that.

Inserted Video


btw, i would sure like to get my forum status upgraded so that i can start my own thread.

i will have absolutely no interest in discussing the turboblaster bot and is it worth the $179 that the author is asking for it, and we will not be interested in discussing which RSI levels you think are the best and other such worthless topics. it will be my interest to toss around some ideas that are truly on something of a higher level, things that are at least borderline philosophical types of issues.

i enjoy people that know how to think for themselves, they are a rare commodity.

i need to find some serious ladies and men that wanna form a real trading group.

fyi, i came across this forum several years ago, but i left it alone, i figured that i would save the best for last, know what i mean?

the keyword of the day is focus.

tomorrow's word of the day will be wonderful.

regards,

edward aka zero/.

Inserted Video
  • #36
  • Jun 6, 2011 4:37pm Jun 6, 2011 4:37pm
Quoting Custos
you can trust books written by real traders of whom you know that they have a verified track history. Finding real traders who are profitable on a forum like this is incredibly hard, cause also the unprofitable ones are always stating that they are insanely profitable with thousands of percent growth a month.

The guys who have a tone of humility are more likely to be profitable traders, than the ones that say this game is easy.
Alot of of so called writers in their books, you will never find them say this game of forex is difficuit. It is always an anthem of simple and you will make good profit.

Real writers have a tone of humanity, pin pointing the areas where you have to focus..
  • #37
  • Jun 7, 2011 5:18am Jun 7, 2011 5:18am
Most books repeat the same info over and over again, nothing new or innovative will be found in them, why would it be?

If someone develops (for example) a HFT approach that "consistently" worked,...why would they publish it so that aspiring/pros/institutional traders could pick up on it and exploit the edge?

By reading a couple of books you will see what the majority of retailers do in this game...yet, retailers has the highest atrition rate going.

Doesnt this make anyone think?

Subjective wishful thinking...or...clear objective thinking?

Learn what the majority do, find out why the fail, and innovate your own approach.

No such thing as a free lunch...unless you want rotten food that is
  • #38
  • Jun 7, 2011 9:36am Jun 7, 2011 9:36am
Trust the charts, naked charts and trust people that tell you price action that worked 20 years ago will continue to work until it stops.

At least if / when it stops working you will be ready and able to adapt; but why would it if it has worked the same for so long?
  • #39
  • Jun 7, 2011 2:49pm Jun 7, 2011 2:49pm
Quoting billbss
Generally speaking you can trust long time forum members who have proven themselves, such as Jacko.

We've had a few rocket scientists descended from British royalty. Certainly such people can be trusted.
I got the one about our royal family,but i thought you were being serious about Jacko.I just looked up his thread and couldn't believe what has happened over there.Sorry about that i havn't read anything about him.His thread is exactly what i was talking about in the first post.I read the first few pages of his thread and he sounded plausable to me.Apparently he was selling a signal service? As soon as anybody asks me for money i tell them to have sex and travel! Commiserations to anybody who lost money.
  • #40
  • Jun 7, 2011 3:11pm Jun 7, 2011 3:11pm
Quoting DemoForever
I got the one about our royal family,but i thought you were being serious about Jacko.I just looked up his thread and couldn't believe what has happened over there.Sorry about that i havn't read anything about him.His thread is exactly what i was talking about in the first post.I read the first few pages of his thread and he sounded plausable to me.Apparently he was selling a signal service? As soon as anybody asks me for money i tell them to have sex and travel! Commiserations to anybody who lost money.
Forex trading is a business, expect to pay for good advice but do your DD.

People that expect to build any business for nothing are the real losers.
0 traders viewing now